Shares of electric two-wheeler maker Ather Energy Limited are set to debut on the NSE and BSE today, following its Rs 2,980 crore initial public offering (IPO). The company, which has emerged as one of India’s leading premium EV brands, had received a subscription of just over 1x, indicating muted enthusiasm from institutional and retail investors.
In line with the modest response, the stock is commanding a grey market premium (GMP) of around 3%, signaling cautious optimism ahead of its listing.
The IPO comprised a fresh issue worth Rs 2,626 crore and an offer for sale of Rs 354 crore, with a price band of Rs 304–321 per share. At the upper end, the issue implied a market capitalisation of approximately Rs 12,300 crore. Ather’s IPO proceeds will be used to fund its new factory in Maharashtra, repay debts, and invest in R&D and marketing.
Founded in 2013 by IIT-Madras alumni Tarun Mehta and Swapnil Jain, Ather Energy is a vertically integrated EV company with a strong in-house design and tech stack.
Its current product portfolio includes the Ather 450 and the newly launched Ather Rizta, both positioned as tech-forward, performance-oriented scooters. The company also runs India’s largest two-wheeler fast-charging network—Ather Grid—with over 2,600 chargers across more than 300 cities.
Despite its tech credentials, Ather’s financials paint a picture of a company still in its investment phase. For FY24, it reported a net loss of Rs 1,059 crore on revenue of Rs 1,754 crore. While its EBITDA margin improved slightly to -36%, the company remains in the red.
Analysts note that its high R&D and distribution expenses, along with price competition in the EV space, have kept profitability elusive.
That said, Ather’s unit sales crossed 1 lakh in FY24, making it one of the top four electric scooter makers in India. It plans to double down on manufacturing with the development of Factory 3.0 in Chhatrapati Sambhajinagar, which will take its total annual capacity to 1.4 million units once complete.
While Ather Energy enjoys strong brand equity and first-mover advantage in India's EV transition, its listing comes and geopolitical uncertainties. The sustained performance of the stock will hinge on its ability to scale profitably and defend market share in an increasingly crowded EV market.
In line with the modest response, the stock is commanding a grey market premium (GMP) of around 3%, signaling cautious optimism ahead of its listing.
The IPO comprised a fresh issue worth Rs 2,626 crore and an offer for sale of Rs 354 crore, with a price band of Rs 304–321 per share. At the upper end, the issue implied a market capitalisation of approximately Rs 12,300 crore. Ather’s IPO proceeds will be used to fund its new factory in Maharashtra, repay debts, and invest in R&D and marketing.
Founded in 2013 by IIT-Madras alumni Tarun Mehta and Swapnil Jain, Ather Energy is a vertically integrated EV company with a strong in-house design and tech stack.
Its current product portfolio includes the Ather 450 and the newly launched Ather Rizta, both positioned as tech-forward, performance-oriented scooters. The company also runs India’s largest two-wheeler fast-charging network—Ather Grid—with over 2,600 chargers across more than 300 cities.
Despite its tech credentials, Ather’s financials paint a picture of a company still in its investment phase. For FY24, it reported a net loss of Rs 1,059 crore on revenue of Rs 1,754 crore. While its EBITDA margin improved slightly to -36%, the company remains in the red.
Analysts note that its high R&D and distribution expenses, along with price competition in the EV space, have kept profitability elusive.
That said, Ather’s unit sales crossed 1 lakh in FY24, making it one of the top four electric scooter makers in India. It plans to double down on manufacturing with the development of Factory 3.0 in Chhatrapati Sambhajinagar, which will take its total annual capacity to 1.4 million units once complete.
While Ather Energy enjoys strong brand equity and first-mover advantage in India's EV transition, its listing comes and geopolitical uncertainties. The sustained performance of the stock will hinge on its ability to scale profitably and defend market share in an increasingly crowded EV market.
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